Philosophy
By minimizing exposure to severe market downturns, investors can achieve higher risk-adjusted returns, preserve capital, and avoid the psychological toll of significant losses.
Rapid yen appreciation in the third quarter triggered a brief-but-disruptive volatility surge across major asset markets, demonstrating the fleeting nature of "liquidity-on-loan."
Howard Marks’s approach to risk emphasizes the importance of understanding risk as the probability of loss, not volatility, and managing it through careful judgment and strategic thinking.
In the underbelly of private markets lies the main culprit behind corporate failures: defective capital structuring.
Don't ignore serial dependencies in your factor portfolio.
AI is more than just another technology. It is a transformative force with the potential to redefine investment management. The industry's most significant barrier to harnessing this power is the widening AI skills gap.
Big data-driven AI in financial services is a technology that augments human capabilities. We are living in countries governed by the rule of law, and only humans can adopt safeguards, make decisions, and take responsibility for the results.
Team Efficient Markets vs. Team Behavioral Finance: It's the academic equivalent of Lakers vs. Celtics.
Banks and other traditional capital providers are no longer the primary source of capital for the economy. This shift has increased the diversity of capital providers but also has fragmented the capital markets.
The Fed and other leading central banks are progressively aligning with climate change policies. This marks an evolution toward a greener form of capitalism in the global capital markets.